EUR/USD has been resisted at the weekly trendline near 1.40 last week, EUR/USD has recorded its high 1.4035 on 7-Mar-2011 (Mon) and starts its correction towards 1.3850 support, break this support and finally reverse up at 1.3750 low.
Well, the market is well kept above last week's low of 1.3740, rebounded and closed at 1.3903 for the week.
Quote my previous week's forecast:
Once EUR/USD crossed 1.4250 with a closing above 1.4290, it is going to continue its upwave to 1.4550 region in coming weeks.
Support: 1.3820, breaking below this level expect EUR/USD to dip further to Strong Support: 1.3720.
Coming week, I still reckon EUR/USD to continue its bullish sentiment like last Friday, towards 1.3950 resistance. Correction down to support 1.3850 or double bottom 1.3750 may happen again before the market finally gain strength to break above 1.4035 and rally towards 1.4250.
GBP/USD
Recognised a nice formation on GBP/USD over a discussion just now with team.
Observe for short opportunity in case GBP/USD turn up to 1.6150 - 200 region this week.
Related: Weekly Forecast (FX) - Previous Week
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